The PetroCaribe Development Fund (PDF) was formed in 2006 to manage the proceeds which accrue to Jamaica under the PetroCaribe Energy Cooperation Agreement. Under this Agreement, the Government of Venezuela agreed to convert a portion of each payment due for petroleum products supplied to Jamaica’s state owned refinery, into a long term concessionary loan. The Agreement governs the parameters within which the Fund operates and specifies the economic and social priorities that remain paramount to the Fund. These priorities include: upgrading of physical and social infrastructure, development of human resources, and promoting the use of alternative energy.